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Oil market may recover if OPEC, non-OPEC states extend oil production cut deal

May 13, 17:21 UTC+3 MOSCOW

In early December, OPEC and 11 oil producing countries outside the cartel, including Russia, agreed to cut oil production in the first half of 2017 by 1.8 mln barrels per day

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MOSCOW, May 13. /TASS/. The oil market may recover and get balanced by the end of 2017 or early in 2018 if OPEC and non-OPEC countries extend their deal to reduce oil production, Russian Energy Minister Alexander Novak told reporters on Saturday.

"A lot of factors are influencing this, so monitoring is needed. I think by the end of the year or even the winter period of next year, by that time," Novak said in reply to reporters’ query.

He said a balance between supply and demand will come at the end of the year or early in 2018 judging by the current pace of reduction in oil and petroleum products reserves. By that time, global crude inventories are expected to be back to a five-year average.

In early December, OPEC and 11 oil producing countries outside the cartel, including Russia, agreed to cut oil production in the first half of 2017 by 1.8 mln barrels per day.

The goal of the alliance is to reduce global oil stocks to the latest five-year average.

Meeting in Vienna on May 24-25, the participants in the deal will consider extending the agreement.

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